MCDONALDS CORP

Listed Company

MCDCIK 0000063908NYSELarge AcceleratedRetail-Eating PlacesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$26.89B

Net Income

$8.56B

Total Assets

$59.52B

Equity

$-1.79B

Shares Out

710.40M

Op. Cash Flow

$10.55B

Business

McDonald's Corporation franchises and owns and operates McDonald’s restaurants that serve a locally relevant menu of quick-service food and beverages worldwide. Its main products and services include hamburgers and cheeseburgers, chicken sandwiches and nuggets, World Famous Fries, breakfast items, McCafé beverages and desserts, along with franchising revenues, rents, royalties and technology and brand licensing fees. The Company reports results through its U.S., International Operated Markets, and International Developmental Licensed Markets & Corporate segments and uses conventional franchise, developmental license and affiliate structures. McDonald’s distributes through company-owned restaurants, independent franchisees, drive-thru, delivery partners, mobile app/digital channels and retail licensing across more than 100 countries.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues from franchised restaurants	16,548	15,715	15,437	14,106	13,085
Sales by Company-owned and operated restaurants	9,690	9,782	9,742	8,748	9,787
Other revenues	647	423	316	328	350
Total revenues	26,885	25,920	25,494	23,183	23,223
Franchised restaurants-occupancy expenses	2,618	2,536	2,475	2,350	2,335
Food & paper	3,006	2,995	3,039	2,737	3,097
Payroll & employee benefits	2,905	2,959	2,886	2,617	2,677
Occupancy & other operating expenses	2,358	2,381	2,299	2,026	2,273
Other restaurant expenses	564	339	232	245	260
Depreciation and amortization	457	447	382	370	330
Other	2,583	2,412	2,435	2,492	2,378
Other operating (income) expense, net	2	139	99	974	−483
Total operating costs and expenses	14,492	14,208	13,847	13,812	12,867
Operating income	12,393	11,712	11,647	9,371	10,356
Interest expense-net of capitalized interest of $29, $22 and $14	1,582	1,506	1,361	1,207	1,186
Nonoperating (income) expense, net	−87	−139	−236	339	42
Income before provision for income taxes	10,897	10,345	10,522	7,825	9,128
Provision for income taxes	2,334	2,121	2,053	1,648	1,583
Net income	8,563	8,223	8,469	6,177	7,545
Earnings per common sharebasic	12	11.45	11.63	8.39	10.11
Earnings per common sharediluted	11.95	11.39	11.56	8.33	10.04
Dividends declared per common share	7.17	6.78	6.23	5.66	5.25
Weighted-average shares outstandingbasic	713.4	718.3	727.9	736.5	746.3
Weighted-average shares outstandingdiluted	716.4	721.9	732.3	741.3	751.8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	774	1,085	4,579	2,584	4,709
Accounts and notes receivable	2,466	2,383	2,488	2,115	1,872
Inventories, at cost, not in excess of market	61	56	53	52	56
Prepaid expenses and other current assets	863	1,074	866	673	511
Total current assets	4,163	4,599	7,986	5,424	7,149
Investments in and advances to affiliates	2,820	2,710	1,080	1,065	1,201
Goodwill	3,354	3,145	3,040	2,900	2,783
Miscellaneous	6,331	6,095	5,618	4,707	4,450
Total other assets	12,505	11,950	9,738	8,672	8,433
Lease right-of use asset, net	14,606	13,339	13,514	—	—
Property and equipment, at cost	49,290	44,177	43,570	41,038	41,917
Accumulated depreciation and amortization	−21,049	−18,882	−18,662	−17,264	−17,196
Net property and equipment	28,241	25,295	24,908	23,774	24,721
Total assets	59,515	55,182	56,147	50,436	53,854
Accounts payable	1,149	1,029	1,103	980	1,007
Current lease liability	694	636	688	—	—
Income taxes	250	361	705	275	361
Other taxes	247	224	268	255	237
Accrued interest	533	482	469	393	363
Accrued payroll and other liabilities	1,488	1,129	1,434	1,237	1,347
Total current liabilities	4,361	3,861	6,859	3,802	4,020
Long-term debt	39,973	38,424	37,153	35,904	35,623
Long-term lease liability (noncurrent), net	14,147	12,888	13,058	—	—
Long-term income taxes	139	344	363	792	1,897
Deferred revenues - initial franchise fees	945	778	790	758	738
Other long-term liabilities	704	771	950	1,052	1,081
Deferred income taxes	1,038	1,914	1,681	1,998	2,076
Preferred stock, no par value; authorized 165.0 million shares; issued none	0	0	0	0	0
Common stock, $.01 par value; authorized 3.5 billion shares; issued 1,660.6 million shares	17	17	17	17	17
Additional paid-in capital	9,641	9,281	8,893	8,547	8,232
Retained earnings	70,282	66,834	63,480	59,544	57,535
Accumulated other comprehensive income (loss)	−2,414	−2,553	−2,456	−2,487	−2,574
Common stock in treasury, at cost; 950.0 and 945.4 million shares	−79,316	−77,375	−74,640	−71,624	−67,810
Total shareholders' equity (deficit)	−1,791	−3,797	−4,707	−6,003	−4,601
Total liabilities and shareholders' equity (deficit)	59,515	55,182	56,147	50,436	53,854

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2,199	2,097	1,978	1,871	1,868
Deferred income taxes	−126	−574	−686	−346	−428
Share-based compensation expense	165	172	175	167	139
Net (gain) loss on sale of restaurant and other businesses	−149	−37	−103	733	−98
Other	−207	3	−113	−570	−339
Accounts receivable	231	10	−161	−264	310
Inventories, prepaid expenses and other current assets	−140	71	17	6	−62
Accounts payable	100	−10	50	31	225
Income taxes	−239	−292	−220	−547	−303
Other accrued liabilities	154	−217	206	129	284
Cash provided by operations	10,551	9,447	9,612	7,387	9,142
Capital expenditures	−3,365	−2,775	−2,357	−1,899	−2,040
Purchases of restaurant businesses	−354	−669	−441	−807	−374
Payments to Acquire Equity Method Investments	0	1,837	0	0	—
Sales of restaurant and other businesses	346	311	195	446	196
Sales of property	130	122	95	39	106
Other	−579	−498	−676	−457	−54
Cash used for investing activities	−3,822	−5,346	−3,185	−2,678	−2,166
Net short-term borrowings	6	326	213	26	15
Long-term financing issuances	4,724	2,380	5,221	3,374	1,154
Long-term financing repayments	−4,802	−2,777	−2,441	−2,202	−2,240
Treasury stock purchases	−2,056	−2,824	−3,054	−3,896	−846
Common stock dividends	−5,115	−4,870	−4,533	−4,168	−3,919
Proceeds from stock option exercises	285	328	260	248	286
Other	−167	−56	−40	38	−47
Cash used for financing activities	−7,125	−7,495	−4,374	−6,580	−5,596
Effect of exchange rates on cash and equivalents	86	−101	−58	−254	−120
Cash and equivalents increase (decrease)	−311	−3,494	1,996	−2,126	1,260
Interest Paid	1,555	1,523	1,287	1,184	1,197

Filings

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